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Indymac Federal Savings Bank Not Effected by Bankruptcy Filing of Indymac Bankcorp

Article Submitted by: BankMan
Savings - Checking - CDs


Tags: Indymac.

PASADENA, Calif., Aug 01, 2008 (BUSINESS WIRE) -- On Friday, August 1, 2008, IndyMac Bancorp, the former holding company of IndyMac Bank filed for bankruptcy protection under the U.S. Bankruptcy Code (Title 11, Chapter 7 U.S.C). This action has no effect on the operations of IndyMac Federal Bank, FSB, which came into existence on July 11, 2008, when IndyMac Bank was removed from its holding company, IndyMac Bancorp, and IndyMac Federal Bank was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC). Other than a similarity of name, IndyMac Federal Bank has no relationship, nor does it share any employees, with IndyMac Bancorp.

 

Submitted: Aug 1, 2008    Views: 675    Comments: 0    Likes: 1   


Indymac Federal Savings Bank Press Release:

PASADENA, Calif., Aug 01, 2008 (BUSINESS WIRE) -- On Friday, August 1, 2008, IndyMac Bancorp, the former holding company of IndyMac Bank filed for bankruptcy protection under the U.S. Bankruptcy Code (Title 11, Chapter 7 U.S.C). This action has no effect on the operations of IndyMac Federal Bank, FSB, which came into existence on July 11, 2008, when IndyMac Bank was removed from its holding company, IndyMac Bancorp, and IndyMac Federal Bank was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC). Other than a similarity of name, IndyMac Federal Bank has no relationship, nor does it share any employees, with IndyMac Bancorp.

Of IndyMac Bancorp's bankruptcy filing, IndyMac Federal Bank CEO John Bovenzi said, "The announcement by the former holding company of IndyMac Bank has no impact on IndyMac Federal Bank or its customers. Our customers will continue to receive the same value and personal service they have come to expect from IndyMac, which, due to its FDIC backing is one of the safest banks in America and a great place for our customers to keep their funds."

IndyMac Federal Bank remains under the FDIC's conservatorship and, as such, is backed by the FDIC's approximately $53 billion deposit insurance fund, which is further backstopped by the full faith and credit of the U.S. government. IndyMac Federal Bank is one of the safest banks in America and its customers should know that today's news has no effect on them, their deposits or their relationship with IndyMac Federal Bank. The FDIC's stated goal is to return the bank to the private ownership of safe and sound financial institutions within the next three months.

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